NAIROBI (Xinhua) --
The Kenyan shilling on Friday gained more
ground against the U.S. dollar to cross below the 101
mark and end the week higher.
traded at an average of 100.80 to the dollar on Friday,
over a 20-month high, from 101.00 in the Thursday
Bank of Kenya placed the local unit at 100.79 from
101.00 against the dollar in the previous session.
On the other
hand, commercial banks in the East African nation quoted
the shilling at between 100.75 and 100.95 up from
Thursday’s margins of 100.70 and 100.90.
traders in the financial institutions attributed the
rise to inflows at the debt and stock market, which have
helped to offset dollar demand from importers.
British pound, the shilling declined marginally to trade
at 140.56 on Friday, down from 140.49.
start of the year, the Kenyan shilling has appreciated
by at least 1.2 percent against the dollar, pointing to
a stronger growth, but analysts have forecasted that it
may fall in the coming months to hit 107.00.